API reports another large crude draw

Benjamin Barton |Thursday, January 18, 2018

API reports another large crude draw

Oil held steady above $69 a barrel on Thursday, supported by falling inventories of crude and threats of an attack on Nigeria's petroleum industry, although a reported rise in USA fuel supplies weighed.

Big investment banks are raising their price targets for oil - or warning they may soon need to - as crude futures hit levels not seen since the early days of a slump in December 2014. The West Texas Intermediate was trading up 0.33 percent at 64.13 US dollars Wednesday afternoon.

Crude oil prices remained under pressure on Wednesday, although they were still hovering within close distance of recent multi-year highs, as investors remained cautious ahead of the weekly United States' supply report due on Thursday. The cuts are set to last through 2018.

Last week, the API reported a huge draw of 11.19 million barrels of crude oil and an increase of 4.338 million barrels in gasoline inventories.

Rashidi explained that the market is now stable enough to accommodate any issues that do not have a major impact on supply and demand, adding: "control of production will insure stability of the market more than any factor such as relations between countries".

For oil producing countries, there are many other things to focus on in an industry that, for the time being at least, appears to be robust: Yannis Bassias, chief executive of Hellenic Hydrocarbons Resources Management, toldReuters that tenders for offshore oil and gas exploration and exploitation west and south of Greece have attracted "strong interest" from companies exploring in the Mediterranean.

US crude inventories were estimated to have fallen 3.5 million barrels in the week ended January 12, according to a Reuters poll. Supply data from the Energy Information Administration will be released Thursday morning.

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